Alcoholic beverages Market size in the US to grow by USD 72.51 billion | Market research insights highlight increased demand for craft drinks as key driver | Technavio

Vendor Insights 

The alcoholic beverages market in US is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Vendors are focusing on new product launches and forming strategic alliances to stay competitive in the market.

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Anheuser Busch InBev SA/NV
• Bacardi Ltd.
• Beam Suntory Inc.
• Brown-Forman Corp.
• Carlsberg Breweries AS
• Constellation Brands Inc.
• Diageo Plc
• Heineken NV
• Molson Coors Beverage Co.
• Pernod Ricard SA

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Key Segment Analysis

By product, the alcoholic beverages market share growth by the beer segment will be significant during the forecast period. The increasing preference for wine and spirits among millennials and Gen-X consumers will drive the growth of the segment. Also, the rising demand for craft beer and an increase in the number of breweries in the country will contribute to the segment's growth.

By distribution channel, the off-trade channel accounted for maximum sales in the market. The proliferation of supermarkets and hypermarkets that have dedicated sections for storing alcoholic beverages will drive the growth of the segment during the forecast period.

Similarly, by packaging, the glass bottles segment dominates the market share in the US. In 2017, the segment accounted for 58.20% of the market. The increasing demand for premium spirits and the growing awareness about the recyclability of glass bottles are driving the growth of the segment.

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Key Market Drivers & Challenges: 

The alcoholic beverages market in the US is driven by the increased demand for craft drinks. Craft drinks have a distinctive taste compared to regular drinks. Hence, the demand for such drinks is increasing significantly in the US. The rising demand is encouraging the establishment of many craft breweries in the country. Many well-established players are entering the market by acquiring small players that offer craft drinks such as craft beer. The market is also witnessing an increase in the demand for handcrafted ultra-premium liquors that are made using traditional methods. All these factors are driving the growth of the market.

However, the increasing cases of accidents due to driving under the influence of alcohol will challenge the growth of the market. In 2016, about 10,500 people died in alcohol-impaired driving crashes in the US, which accounted for about 28% of traffic-related deaths in the country. The same year, 17% of the traffic-related deaths on children aged 0-14 years involved an alcohol-impaired driver. These factors are forcing regulatory bodies to implement stricter mandates against the consumption of alcohol, which is expected to reduce the growth potential in the market.

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SOURCE Technavio